India wearable market is booming, with a record 48.1 million units shipped in the third quarter of 2023. This is a 29.2 percent increase from the same period last year, according to a new report from International Data Corporation (IDC).
Introduction: India Wearable Market
One of the most exciting trends in the India wearable market is the emergence of smart rings, which are gaining popularity among consumers for their unique form factor and features. Several new models of smart rings were launched in the past few months, offering various functions such as fitness tracking, health monitoring, and contactless payments.
“Smart rings add novelty to the Indian wearable market, with brands trying to position it as a fashion accessory and a non-intrusive health device. While currently there are very few models, we can expect more mainstream brands launching more affordable options next year,”
Upasana Joshi, Research Manager, Client Devices, IDC India.
Ultrahuman led the smart ring category of India wearable market with an impressive 75.5 percent market share, followed by Pi Ring at 10.9 percent, and boAt (Imagine Marketing) with an 8.2 percent market share in the third quarter.
In India Wearable market has shipped 105.9 million units in the first three quarters of 2023, surpassing the total shipments of 100.1 million units in 2022. The average selling price (ASPs) of wearables declined by 20.4 per cent from $27.2 to $21.7.
boAt (Imagine Marketing) continued to dominate the overall India wearable market with 29.7 percent share, growing by 19.4 percent. In TWS too, it maintained leadership with 37.9 percent share, 33.3 percent growth YoY. It stood third in the smartwatch category with 14.2 percent market share.
Noise (Nexxbase) stood second in overall wearables with 10.8 percent share and flat 0.6 percent YoY shipment growth. It dropped to second in the smartwatch category with 20.7 percent market share and maintained its fourth position in the TWS segment at 7.7 percent share, growing by 20.4 percent YoY, the report mentioned.
Smartwatches remained the fastest-growing category in the India wearable market with 16.9 million units, growing by 41% YoY as incumbent vendors shipped aggressively to stock for the upcoming festive season.
Within wearables, the share of earwear dropped to 64.4 percent from 67.3 percent a year ago, but shipments still grew 23.6 percent to 30.9 million units, according to the report.
1 Comment